Currency pair Australian Dollar to US Dollar AUD/USD continues to move as part of the strong growth and the formation of the «Wolfe Wave» bearish pattern. Moving averages indicate a short-term bullish trend. Prices are far from the area between the signal lines, which indicates pressure from buyers. At the time of the publication of the forecast, the Australian Dollar to US Dollar rate is 0.6994. At the moment, we should expect an attempt to grow and test the resistance area near the level of 0.7020. Further, the rebound and the beginning of the fall of quotations in the area below 0.6825.
AUD/USD Forecast Australian Dollar December 31, 2019
An additional signal in favor of the fall of the AUD/USD pair will be a test of the resistance area on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the «Wolfe Wave» model. Cancellation of the option of falling quotes of the Australian Dollar at Forex will be a strong growth and the breakdown level of 0.7105. This will indicate a breakdown of the resistance area and continued growth of AUD/USD with a potential target above the level of 0.7325. Expect confirmation of a fall in the pair with a breakdown of the lower boundary of the rising channel and closing quotes below the level of 0.6885.
AUD/USD Forecast Australian Dollar December 31, 2019 suggests an attempt to test the resistance level near the 0.7020 area. Further, the continuation of the fall of quotations of the pair below the level near the level of 0.6825. An additional signal in favor of reducing the pair will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.7105 area. This will indicate continued growth of quotations with a potential target above the level of 0.7325.
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